Revenue surged past the £2bn mark at beauty, wellbeing and software giant THG during 2021, while the group expects a further 25% increase in 2022.
The Manchester-headquartered company has reported a revenue of £2.178bn for the 12 months to December 31, 2021, up from the £1.613bn it posted in 2020.
Its beauty division's revenue increased from £751.6m to £1.116bn, nutrition went up from £562.3m to £659.5m, THG OnDemand rose from £101.3m to £128.1m while THG Ingenuity jumped from £137.3m to £194.3m.
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During the fourth quarter, THG's group revenue rose from £559.8m to £711.7m, while increases were also reported for all divisions.
The group added its adjusted EBITDA margin for 2021 is set to be between 7.4% and 7.7%, compared to market expectations of c.7.9%, because of "adverse foreign currency movements".
In a statement issued to the London Stock Exchange, THG said "momentum coming into 2022 remains strong across the group following an acceleration in organic revenue growth in Q4 vs. Q3 2021 and with a substantial pipeline of site launches within THG Ingenuity".
It added that while the early part of 2022 is expected to be "a more challenging comparable period" due to global lockdowns in the first half of 2021, and record commodity prices within its nutrition division, the board expects its 2022 revenue to grow between 22% and 25%.
THG said its adjusted EBITDA margins for 2022 are expected to improve throughout the year as "we see the benefits of 2021 investments in automation offsetting inflationary pressures, in addition to the increasing mix of revenues generated from Ingenuity Commerce".
It added the phasing is expected to be weighted to the second half of the year, "given movements in raw material prices, transport costs and currencies".
Founder Matthew Moulding said: "We are delighted to report significant growth across all divisions during the peak Q4 trading period and to have delivered record annual sales of £2.2bn.
"The operational resilience and performance of our Ingenuity infrastructure was a highlight, dispatching over one million units per day at peak periods.
"The investment we have made in automation in the UK delivered year-on-year efficiencies, and we are on track to launch our first AutoStore facility in the US during Q2 2022, supplementing the six warehouses added to the network across three continents during 2021.
"2021 marked our first full year as a public company and I would like to express my gratitude to all THG colleagues for their dedication and hard work in helping us achieve such a strong performance for the year.
"Despite challenging conditions, we have scaled revenue and expanded our business model, particularly THG Ingenuity, well ahead of expectations given at our IPO 16 months ago.
"At the same time, we welcomed c.3,000 new employees across the world to the group, the majority of whom are within the UK, and completed many transformational projects, including the opening of our 1m sq ft UK technology campus, ICON.
"During the year, the group also invested around one billion pounds across infrastructure, technology and M&A to further develop the long-term growth prospects of our key trading divisions.
"We remain committed to our strategy of investing for growth across our global fulfilment network and technology platform.
"The new year has started well, and we remain confident in delivering our strategic growth plans during 2022 and beyond."
